Millions of Americans are struggling to pay their bills and meet their financial obligations.

The last eight years have taken a toll on Americans economically, and many are still feeling the financial repercussions. According to one study, indebted Americans owe $14,517 on credit cards on average (Forbes).

But how much they owe isn’t the only problem.

The other half of that equation is how much they’re saving. . .or not.

According to TIME, only 1/3 of Americans have at least $1,000 saved in an emergency fund. Of course, logically, if they’re not saving for the short term, they’re also not saving for the long term. As CNN Money reports, “About 49% of Americans say they aren’t contributing to any retirement plan, according to a new survey conducted by LIMRA, a trade association for the financial services industry.”

Americans are in bad shape financially.

But what if the secret is not learning how to live more frugally? What if the secret is instead to look at your money mindset?

If you’re stuck in a financial rut, could one of these reasons be the cause?

12+ Money Saving Tips to Furnish Your Dorm Room for Less

You may often hear parents boast, “I want my kids to have what I didn’t have.” We want the next generation to be more successful than we are.

Yet, more and more that’s not happening.

“Johnny” is a 54 year old man who still lives with his parents. He moved out briefly when he married and had two children, but 8 years into the marriage, he and his wife divorced, and he moved back home with his parents. That was 20 years ago. He is unemployed and has been for over a decade. His parents pay his living expenses.

“Renee” is a 27 year old college graduate. She went to college at an expensive school to get an art history degree. She is now paying back over $40,000 in student loan debt. She’s working at the local coffee shop while she looks for a job in her field, though in her small town, such jobs are nearly non-existent.

Unfortunately, these types of situations are more and more common. As parents, we want to do everything we can for our kids, but often that turns into enabling, which can lead to the situations above.

A far better response is to teach our children to be financially independent at a young age.

Remember, the earlier you start, the more adaptable your children are. Consider these strategies below…

Here’s How You Help Your Children Be Financially Responsible

You might have had this happen: You decide on a great business idea and launch your business. You nurture it from the beginning, investing your time and energy into it. You know you have a good idea, and business is growing. But it’s not growing enough to support you–yet.

If your savings is dwindling, what choice do you have?

Sure, you could throw in the towel and close up shop, but you know this business has potential, and every month business is steadily increasing. You don’t want to walk away.

My husband and I have thought about doing this. If we move away from the suburbs of the major city we’re living outside of and move to a quieter area, my freelance money would go much further.

But what if you want to be even more radical? What about moving out of the country?

You could move to a country with a much lower cost of living than anywhere in the United States. Not only would you be able to live off your business income, you’d be able to save, too. When you move back to the United States, you’d have a nice cushion.

Here’s Why We Have So Much Trouble Sticking to Our Budget

While 60 years ago, one parent staying home to care for the children was the norm, today, having both parents work is the norm.

According to Pew Research, “Roughly 60% of two-parent households with children under age 18 have two working parents.” Many families have one parent stay home until all the kids are in school, and then both parents resume working.

Keep reading and we’ll show you if a) living on one income is good for you and b) how to go about preparing for it.

Your Guide to Switching to One Income So One Spouse Can Be a Stay-at-Home Parent

Although I live outside Chicago, our winters in recent years have been decidedly mild.

For example, in the 2012-2013 winter, by January 31st, we had only received 3.5 inches of snow TOTAL. This year, winter was back with a vengeance. By January 31st, 2014, we had received 48.5 inches total of snow for the winter.

Add in many days of sub-zero temperatures, and well, it’s been a rough winter.

When we had a 50 hour stretch of sub-zero temperatures (one of those days had a high of -16 degrees), I knew that we should let the water drip to avoid having our pipes freeze. However, when I went to take a shower, the water continued to just drip even though it was turned to full strength. I called a friend who told me the pipes were likely frozen. My husband set up space heaters in the basement where the pipes are, and within 5 hours, our water was flowing again.

That night, I saw on the news that we weren’t alone.

Many, many people had burst pipes or pipes like ours. I was surprised to see that some homeowners paid good money to have someone else come out to their houses and run a heater by their pipes to thaw them.

This situation just illustrates how far we’ve come from the do-it-yourself roots our grandparents and even parents had. Now, we work hard at our jobs and call someone else to do everything for us.

Develop a Mindset of Self-Reliance and DIY and You Can Save Yourself a Lot of Money

Disclaimer

Free From Broke is for general information or entertainment purposes only and does not constitute professional financial advice. Be smart and do your own research or contact an independent financial professional for advice regarding your specific situation.

In accordance with FTC guidelines, we state that we have a financial relationship with companies mentioned in this website. This may include receiving access to free products and services for product and service reviews and giveaways.